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Immunocore Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$17.7M in Q3 2026 · −$18.2M over twelve months

Operating cash flow$20.1M
Capital spending−$2.3M
Free cash flow+$17.7M

Analysis

In Q3 2026, Immunocore Holdings generated $20.1M of operating cash flow and spent $2.3M on capital projects, leaving free cash flow of $17.7M. That is $22.9M more than in Q3 2025 (−$5.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$10.4M; the largest uses were operating cash flow ($10.4M), capital spending ($7.8M); besides operations, cash came from shares issued ($25.2M), other investing ($15.0M); the cash balance rose by $13.8M.

Operating cash flow was $20.1M against net income of −$14.2M. The largest differences: accrued liabilities +$15.6M, stock-based pay +$9.7M, receivables +$6.7M.

Free cash flow

Immunocore Holdings: free cash flow by quarterImmunocore Holdings: free cash flow by quarter−$17.5MQ4 2024$137KQ1 2025$25.6MQ2 2025−$5.2MQ3 2025−$35.5MQ4 2025−$15.6MQ1 2026$15.1MQ2 2026$17.7MQ3 2026
Operating cash flow less capital spending.
Immunocore Holdings: operating cash flow against capital spendingImmunocore Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$14.0M$3.6MQ4 2024$435K$298KQ1 2025$26.0M$414KQ2 2025−$4.5M$748KQ3 2025−$32.7M$2.9MQ4 2025−$13.8M$1.8MQ1 2026$15.9M$786KQ2 2026$20.1M$2.3MQ3 2026
Latest (Q3 2026): Operating cash flow $20.1M, Capital spending $2.3M.

Capital allocation, year by year

Immunocore Holdings: where the cash came from (up) and went (down), by fiscal yearImmunocore Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$143MFY2021: Shares issued $1.3MFY2021: Asset sales $106KFY2021: Capital spending −$1.4M$1.4MFY2021FY2022: Operating cash flow −$49.2MFY2022: Net borrowing −$50.0MFY2022: Shares issued $9.7MFY2022: Asset sales $6KFY2022: Capital spending −$2.2M$9.7MFY2022FY2023: Operating cash flow $2.9MFY2023: Shares issued $34.3MFY2023: Capital spending −$5.4M$37.3MFY2023FY2024: Operating cash flow $26.1MFY2024: Net borrowing −$50.0MFY2024: Shares issued $6.8MFY2024: Asset sales $44KFY2024: Capital spending −$5.2M$32.9MFY2024FY2025: Operating cash flow −$10.7MFY2025: Shares issued $12.4MFY2025: Capital spending −$4.3M$12.4MFY2025
Over these 5 years operating cash flow totalled −$174M; the largest uses were operating cash flow ($203M) and net borrowing ($100M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$901M
Debtnone
Net cash$901M
Cash runwaymore than 10 years

Immunocore Holdings is burning cash: its operations consume cash, a free cash flow of −$18.2M a year at the current rate against $901M of cash and investments: a runway of more than ten years at that rate before any new financing.

Where the cash came from and went

Immunocore Holdings: sources (+) and uses (−) of cash, Q3 2026Immunocore Holdings: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$27.3MOperating cash flow$20.1MOther investing$7.0MShares issued$3.8MCapital spending−$2.3MExchange rates−$1.2M
Immunocore Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Immunocore Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$25.2MOther investing$15.0MCash drawn (+) / kept (−)−$13.8MOperating cash flow−$10.4MExchange rates−$8.1MCapital spending−$7.8M

From profit to cash

Immunocore Holdings: net income to operating cash flow, Q3 2026Immunocore Holdings: net income to operating cash flow, Q3 2026Net income−$14.2MDepreciation & amortization$1.1MStock-based pay$9.7MOther non-cash$540KReceivables$6.7MPayables−$5.2MAccrued liabilities$15.6MDeferred revenue−$144KPrepaid and other assets$3.9MOperating cash flow$20.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$20.1M−$2.3M$3.8M−$27.3M$17.7M
Q2 2026$15.9M−$786K$16.5M−$32.2M$15.1M
Q1 2026−$13.8M−$1.8M$656K$15.0M−$15.6M
Q4 2025−$32.7M−$2.9M$4.3M$30.7M−$35.5M
Q3 2025−$4.5M−$748K$1.9M−$10.5M−$5.2M
Q2 2025$26.0M−$414K$3.7M−$11.1M$25.6M
Q1 2025$435K−$298K$2.6M−$21.1M$137K
Q4 2024−$14.0M−$3.6M$550K$82.0M−$17.5M

Immunocore Holdings: income statement and cash flow

Immunocore Holdings, Q3 2026: revenue $102M (-1% year over year), operating margin -13.3%. The chart follows the revenue to costs, profit and cash.

Immunocore Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.